World Bank development investment offshoot IFC has invested $7 million in SafetyPay, a US-based company that enables consumers to pay for goods and services over the Web direct from their own bank account.

IFC, a member of the World Bank Group, is making a $2.6 million (RUB 83 million) equity investment in datacenter operator IXcellerate to support the construction of a major data facility, expanding access to information technology infrastructure for businesses in Russia.

The World Bank Group today kicked off the "Apps for Development" competition, the first global contest of its kind. President Robert B. Zoellick challenged software developers and international experts around the world to enter the contest. Entries must be filed by January 10, 2011.